Eaton Corporation (ETN: NYSE)

In Q4 of 2022, ETN’s electrical division stole the show by generating approximately 70% of its total sales. However, let’s not forget about the other players in this game. ETN’s aviation business brought in a solid 15% of the revenue, setting a record for sales during that same quarter. Not too shabby! And, their vehicle segment didn’t fall too far behind, generating 13% of the company’s revenue. But that’s not all. 

ETN recently made a game-changing move by acquiring a 49% stake in the China-based Jiangsu Ryan Electrical, expanding its presence in the Asia-Pacific region. All of this, coupled with the company’s stock staying above $153.00-$155.00, has our feeling bullish on ETN with an upside target of $210.00-$220.00.

WTI Crude Oil (USOIL: TVC)

On the 4-hour chart above, you can see that crude oil has been pacing back and forth between support around $64-67 per barrel and resistance around $80 per barrel.

Price has recently bounced off the floor and is now up to the area of interest at the middle of the range.

Now this region has also been holding as resistance for quite some time, and it looks like the recent gap higher wasn’t enough to take the commodity price above the ceiling.

As the moving averages appear to be suggesting, crude oil might be setting its sights back down on the longer-term range bottom from here. After all, the 100 SMA is below the 200 SMA, and the latter is holding as dynamic resistance.

A break above the $74-75 per barrel zone could be enough to open the door for another move up to the large range’s top, so watch out!

Ethereum Dominance (ETH.D)

We currently see Ethereum Dominance attempting to breach a key monthly resistance level not breached in over 5 years!

This follows a sell-off this week for many coins that the SEC has identified as securities, but ETH is still holding strong. For the previous five and a half years, the 20.5% level has acted as important resistance, during which time ETH.D formed a massive bullish Cup and Handle structure. 

There have been several attempts by ETH.D to breach the 20.5% level over the past two years, but all have been rejected. However, we now see that, with ETH maintaining a price level of around $1,800 while the general market is declining, ETH.D is once again trying to surpass the critical 20.5% level. 

A positive breach of this level over the upcoming weeks could propel the dominance to the next resistance level of 25%, a level last seen in 2017.

ETH/USDT

The SEC has said this week that it is focusing on a number of coins that are traded on Binance.In the US, there has been a market sell-off that has particularly affected the coins on the list. 

But ETH – which was never mentioned in the SEC lawsuits – seems to be weathering the current conditions quite well. With ETH dominance potentially breaking key monthly resistance levels, there might be a shift in capital outflow from other coins into ETH. 

The past two months have seen strong support for ETH in the $1,800–1,850 level. We could see another run-up to test the $1,950-$2,000 resistance zone if the price can once again break the $1,850 level. But, if the Total Crypto Market Cap loses key support levels and declines from here, it could potentially drag ETH down with it. To the downside, if both the $1,800 level and daily ascending support line are breached, then the next support is at the $1,650 – $1,700 range.